Hyderabad Police Arrested 6 persons from a Tollywood director’s office in Banjara Hills area of Hyderabad on Monday with demonetised notes having face value of Rs 1.2 crore.

Hyderabad Police suspect the small-time director, K Ramakrishna alias Kittu, is part of a racket which is allegedly involved in exchanging scrapped banknotes of Rs 500 and Rs 1000 with new ones for a hefty commission.

Acting on a tip-off, Banajara Hills police team raided Kittu’s office on Sunday night and seized the notes. A case was registered on charges of cheating and under relevant sections of the IPC.

Director Kittu is presently absconding.

According to Banjara Hills Police “Kittu had asked some people to bring old scrapped notes assuring them that he would through mediators get the money exchanged with new currency for 50% commission,”.

Police said the accused were holding negotiations on exchanging the old notes when the police team nabbed them.

Banajara Hills Police Team informed Income Tax department , where they started an inquiry into the matter,”.